UniTek, a Blue Bell, Penn.-based systems integrator servicing Comcast (NASDAQ: CMCSA), DirecTV (NASDAQ: DTV), AT&T (NYSE: T) and other top pay-TV operators, has filed for Chapter 11 bankruptcy protection and will restructure with its creditors taking ownership.
The company filed for its reorganization in federal bankruptcy court in Wilmington, Del., citing debts totaling $186 million on assets of just over $3 million.
According to a statement released by the company Monday, UniTek will continue installing pay-TV, Internet and other services for its clients as it proceeds through its restructuring.
In October, UniTek CEO Rocky Romanella told investors that his company had agreed to a restructuring plan that would leave creditors Littlejohn & Co., New Mountain Capital and other entities controlled by Apollo Investment Corp., as well as customers including DirecTV, with large ownership stakes in UniTek in exchange for writing off debt and offering millions of dollars in new capital.
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